Discretionary Benefit Option. An employee may elect, once each year, to have the City pay $550 per month in lieu of medical, dental, and vision benefits into the employee’s deferred compensation account. If an employee exceeds the deferred compensation annual maximum contribution limit, any remaining City contributions will be made to the employee’s Medical After Retirement Account (MARA). In the event the parties discover that contributions to the employee’s deferred compensation account are not eligible under IRS rules, the parties will promptly meet and confer to bring the plan into compliance.
Discretionary Benefit Option. An employee may elect, once each year, to receive deferred compensation monies and to have the City pay 80% of the cost in lieu of medical, dental, and vision benefits into the employee’s deferred compensation account.
Discretionary Benefit Option. Employees who can demonstrate to the City’s satisfaction that they have proof of alternate medical insurance as described below, may elect to have the City pay $550 per month in lieu of medical, dental, and vision benefits contributed into the employee’s deferred compensation account. If an employee exceeds the deferred compensation annual maximum contribution limit, any remaining City contributions will be made to the employee’s Medical After Retirement Account (MARA). In the event the parties discover that contributions to the employee’s deferred compensation account are not eligible under IRS rules, the parties will promptly meet and confer to bring the plan into compliance.
Discretionary Benefit Option. Employee who can demonstrate to the City’s satisfaction that they have medical coverage elsewhere, may elect, once each year, to have the City pay $550 per month in lieu of medical, dental, and vision benefits into the employee’s deferred compensation account. If an employee exceeds the deferred compensation annual maximum contribution limit, any remaining City contributions will be made to the employee’s Medical After Retirement Account (MARA).
Discretionary Benefit Option. Employees who can demonstrate to the City’s satisfaction that they have medical coverage elsewhere, may elect to have the City pay 80% of the cost of health and welfare benefits as defined below into the employee’s deferred compensation account.
